Transition management in the succession processes of family businesses is one of the most critical issues for the survival and sustainability of this type of business.
The transition process is generally approached as a "problem" to be solved by the outgoing generation, and is rarely studied from a double perspective that considers the vision and contributions of both successors and predecessors.
In this breakfast we address the management of the transition process, learning about two successful transition experiences and explaining the challenges, processes, difficulties, satisfactions and disappointments. The analysis is focused taking into account varied perspectives, considering the two generations involved (incoming and outgoing) and including different experiences in terms of gender. Thus, we have men and women both in the outgoing and incoming generation.
On Thursday 1 December, the Chair of Family Business of the University of Valencia (CEFUV) promoted by the Valencian Association of Entrepreneurs (AVE), the School of Entrepreneurs (EDEM), the Valencian Institute for the Study of Family Business (IVEFA), the Institute of Family Business (IEF) and the University of Valencia (UV), and sponsored by CaixaBank and Broseta, held a new breakfast-talk, sponsored by CaixaBank and Broseta, the Instituto de la Empresa Familiar (IEF) and the Universitat de València (UV), and sponsored by CaixaBank and Broseta, held a new breakfast meeting entitled "Transition Management in Family Businesses. Perspectives of the outgoing and incoming generation".
Alejandro Escribá, professor at the University of Valencia and director of CEFUV, introduced the breakfast by pointing out that transition management in family business succession processes is one of the most critical issues for the survival and durability of this type of company. However, the transition process is usually approached as a "problem" to be solved by the outgoing generation, and is rarely studied from a dual perspective that considers the vision and contributions of both successors and predecessors.
For this reason, this breakfast has addressed the management of the transition process by learning about two successful experiences that have allowed us to unravel the challenges, processes, difficulties, satisfactions and disappointments associated with it. The analysis was approached from a variety of perspectives, taking into account the two generations involved (incoming and outgoing).
This was followed by a discussion with Dolores Font Cortés and Óscar Colomer Font, second and third generation of the company Dolores Font Cortés S.A. and with Jesús Fuentes and Natalia Fuentes, first and second generation of Gesvending Group.
The company Dolores Font Cortés S.A. is a family business based in Vila-real that designs, manufactures and markets swimwear under the brand name "Dolores Cortés", following a tradition of nearly 70 years and with the participation of three generations. Today it is a leading company in the swimwear market in Spain and is present in more than 1,000 points of sale in 15 countries, as well as in different online channels, department stores and in 12 of its own shops.
On the other hand, Gesvendig Group is a Valencian company founded in 1993. Gesvending Group brings together several companies within the vending sector, being 100% family-owned and Valencian, with 30 years of experience, with the mission to develop the sector and provide this type of service, both to large private or public companies, as well as to SMEs and self-employed. With the aim of generating wealth and creating employment, and the focus on the customer.
During the colloquium, the speakers talked about the importance of the generational handover process and the considerations that need to be taken into account for it to be carried out successfully.
Dolores Font pointed out that "in the generational handover process, it is very important to bear in mind the knowledge, skills and attitudes for managing and/or participating in the company of each of the possible successors. And from there establish the role to be played by each of them within the company. All of this, if possible, with the greatest possible consensus". For his part, his son Óscar, stressed that "it is important to try to tackle the generational handover process while we are still in a position to help and advise the next generation. Assuming and allowing that the successors may have different points of view, the advice and support of the previous generations is an invaluable help for those who take over".
Regarding the generational transition in the Gesvending Group, Jesús Fuentes insisted that "for me, I can sum up the generational transition as: total peace of mind, with full confidence in the successors, thanks to the support of the whole family". While Natalia, his daughter, highlighted the key to the generational process "for me, the key to the generational process is fluid communication with the predecessor and between the successors, the honesty of each one at all times to know where we are and what our expectations are within the process, to value having been able to enjoy a period of work with my father and to enjoy the prospect of continuity of a project in which I believe, together with my sister Carolina".
